November 15, 2013

This week I had the chance to speak with Thea Simolari of The Mortgage Network. Thea Simolari is an experienced senior loan officer. I called Thea asked to put together a sample mortgage sheet for a property I am selling in West Roxbury at 11 Cheriton Road which is part of Boston, MA 02132. This gorgeous tow bedroom two bath condo is located in The Washington Grove Condominium Complex and your guessed it, it is at the intersection of Washington Street and Grove Street.

A sample rate sheet will illustrate a couple of scenarios on purchasing this condo that I have for sale. Thea commplied with my request and created a rate sheet for the listing in West Roxbury. After receiving the rate sheet on this particular condo, I did a quick search for rentals in West Roxbury. My conclusion was that you should not rent if you plan to be in a place for a few years.

Rentals in West Roxbury and Why You Should Buy a Condo in West Roxbury

Yesterday, I ended up doing a search to see what the typical rental might look like as far as monthly rental payment in West Roxbury. I conducted a search for West Roxbury Rentals with a three month look back. I found that in the last 3 months there were 29 two bedroom properties rented in West Roxbury. These two bedroom homes were on average rented out at $1650 month. There were rentals in West Roxbury all the way up to $3000/month.

After realizing that rents were really high in West Roxbury, I called Thea Simolari back and asked a few questions about different mortgage scenarios. After hearing some of the options, it was clear to me that you would be better off purchasing a condo in West Roxbury rather than renting the average West Roxbury apartment at $1650 month.

What Does Renting Versus Owning Look Like by Thea Simolari

After a quick conversation, I realized that in the overall scheme of things it would actually be wiser to purchase 11 Cheriton Road in West Roxbury at full price rather than renting an apartment in West Roxbury for $1650 a month. Your net cost of owning a gorgeous condo rather paying for your landlord's lifestyle was $300/month less than renting.

I have provided a sample of renting versus owning model on this West Roxbury Condo below.

Listen to Thea Simolari on Renting Versus OwningI have added a video below where I interview Thea on the rent versus own conundrum.

How Much Money Do I need to Purchase a Condo in Boston

After realizing that one of things that stop people from purchasing is the fear that they need a lot of money in order to purchase a home or condo, I asked Thea how much would someone need in their pocket in order to close on condo in Boston. In the model above, if you were to purchase this Boston condo, then you would need about $13,000 in order to close on the property. This would be your downpayment plus closing costs.

I have attached the rent versus own worksheet that was prepared on the condo located at 11 Cheriton Road in West Roxbury and you can download this sheet to help prepare you for a home purchase in Boston.

Thea can prepare these sheets for you at anytime for any property. Each loan and each property is a little different, but when you have an experienced Boston loan officer in your court, you will have the home team advantage.

If you like my West Roxbury Condo at 11 Cheriton Road, please reach out to me at 617.615-9435 or if you are looking for a home in West Roxbury or a condo in West Roxbury, please see all homes and condos in West Roxbury here.